Insight Report: Best Practices in Marketing Retail Banking Products

Date: 2015-09

“The global banking industry is changing the way it markets products and services, with banks in both developed and emerging economies adopting customer segmentation strategies to distinguish their products from those of their competitors. These strategies have increased banks’ client bases, and the number of potential customers. To capitalize on this, banks have expanded their product portfolios, adopted pricing strategies, and expanded into new regions. Banks are also focusing on the technological aspects of offering their products, and are using analytics to understand consumers’ purchasing behaviors and preferences to offer personalized products and an improved customer experience.
Promotional campaigns through traditional channels such television, radio, print media and telemarketing have been among key initiatives taken by banks to increase brand awareness. The proliferation of video and mobile technology has also enabled banks to market their products and services online, and through mobile channels and social media. As internet access and smartphone adoption increase, so does consumer demand for convenient banking services through these channels. Banks are therefore developing processes and employing new channels to respond to web-based consumers, create brand awareness, promote new products and services, identify customer needs, and elicit feedback.
Banks in both developed and emerging economies are increasingly using analytical tools to analyze consumer-purchasing behaviors, and identify and phase out ineffective pricing structures or reward programs. a number of banks in developed and emerging economies, including Citibank, JP Morgan Chase, Bank of America, Barclays and ICICI Bank, have used analytical tools to analyze high volumes of purchasing data, enabling them to segment and target customers with specific products and services based on customers’ income levels, demographic and psychographic profiles, and banking relationships. In order to deliver cost-effective services to different customers, organizations need well-defined and executed segmentation plans.”

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